Central Las Vegas Real Estate Market Breakdown

Last week we looked at general trends in the Central Las Vegas real estate market. Today we'll start looking at the components of that market -- REOs (bank owned homes), short sales, and regular sales.

On a very basic level, it appears that we have just over 3 months of inventory for central Las Vegas. But when we look closer, three distinct markets emerge. Here are the current figures for central Las Vegas REOs, short sales, and 'regular' home sales.

Absorption is the number of months it would take to sell the available inventory at current sales rates. (Available Inventory/August Sales = Absorption Rate). We have about three weeks of REO inventory, but nearly one year of short sales.

Distressed properties (REOs and short sales) make up 57% of our available inventory ...

... but account for 90% of the current escrows

To find out more about buying or selling real estate in central Las Vegas, just give me a call at (702) 339-9700, or email me at JohnNovak@kw.com.

(GLVAR deems information reliable but not guaranteed. Data is for MLS areas 301-303.)